Bank of Baroda Gold Loan
Bank of Baroda is an Indian public sector bank and is the second largest public sector bank in India after State Bank of India.
| Name | Bank of Baroda[1] |
| Type | Public |
| Industry | Banking, Financial Services |
| Headquarters | Vadodara, Gujarat, India |
| Founded | 20 July, 1908 |
| Founder | Sayajirao Gaekwad III |
| Owner | Government of India |
| Website | www.bankofbaroda.in |
Bank of Baroda Gold Loan
Applicants can avail for Bank of Baroda Gold Loan by self-owned gold, ornaments, coins as collateral or security. Anyone who owns gold jewelry or ornaments can avail a gold loan from Bank of Baroda[1].
Also Read: IndusInd Gold Loan
Benefits of Availing Gold Loan
- If you are in urgent need of cash then you can avail for a gold loan against your gold jewellery or ornaments by keeping as a security in bank
- No external collateral required
- No end use restrictions
- It can be availed for the education of your child
- For medical emergencies
- To get urgent fund while going for a trip
- Minimal paperwork and documentation required
- Gold Loan Tax benefits
- Lower Interest Rates
- Safety and security of your physical gold etc.
BOB Gold Loan Interest Rate, Loan Amount, and Other Charges
| Interest Rate | 7.70% p.a. onwards |
| Loan Amount | Up to Rs 50 lakh |
| Loan Tenure | 36 months |
| Processing Charges | Up to 3 lakh – NIL Above Rs 3 lakh up to Rs 25 lakh + GST |
| Prepayment Charges | NIL |
Bank of Baroda Gold Loan Features
| Category | Up to Rs 3 lakh | Above Rs 3 lakh and up to Rs 10 lakh | Above Rs 10 lakh and up to Rs 50 lakh |
| Agri (Valid up to 31 March 2023) | 1-year MCLR | 1-year MCLR | 1-year MCLR |
| Other Priority | 1-year MCLR + S.P | 1-year MCLR + S.P + 0.25% | 1-year MCLR + S.P + 0.50% |
Eligibility Criteria
Anyone one who owns gold jewellery or ornaments can avail a gold loan from Bank of Baroda. Applicants whose age lies between 18 to 75 years and have a steady income to repay the loan can avail gold loan from the bank. The loan will be in the form of a demand loan and can be used for any purpose except for speculative purpose.
Documents Required
- Id proof
- Address proof
- 2 passport size photographs
- Income proof
- Dully filled application form
- Witness letter in case of illiterate borrowers
- Current house lease agreement, the most recent electricity bill, phone or mobile bill most recent credit card statement
How to Apply for Gold Loan
To apply for Bank of Baroda gold loan you will have to visit the nearest bank branch with your gold jewellery. You will have to fill up the loan application form, have to submit your necessary documents, no need to worry the bank official will guide you through the whole process.
Gold Accepted by the BOB for Gold Laon
- Only those gold ornaments and jewellery will be accepted which are of 18 carats or more
- Only those coins will be accepted which are specially minted and sold by the banks
Bank of Baroda Gold Loan EMI Calculator
By gold loan EMI Calculator you can determine how much gold loan amount you are eligible for and how much amount you will have to pay at the end of the tenure. Gold Loan EMI Calculator is an online tool which is available on the website of many lenders and third party websites. To use this EMI Calculator you just need to enter the gold weight and the tool will calculate and display the loan amount you are eligible for. On the other hand to calculate your monthly EMI you need to pay at the end of your tenure, you will have to enter the loan amount, rate of interest, and tenure, and you can see the EMI amount on the right-hand side of the scree.
FAQs
1. What is gold loan?
Ans: Gold loan is a secured loan that one can avail against their gold for their financial use such as education, business, wedding, emergencies etc.
2. Can I apply Bank of Baroda gold loan through online?
Ans: No, you can’t apply BOB gold loan through online you will have to apply through offline by visiting the nearest bank branch.
3. Does Bank of Baroda provide gold loan for agricultural purpose?
Ans: Yes, Bank of Baroda provides gold loan for agricultural uses also.
4. Is my gold safe at Bank of Baroda?
Ans: Yes, your gold is completely safe at Bank of Baroda.
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